Supreme Court Puts Hold on FDIC Michigan Banker Lifetime Ban (1)

The Supreme Court temporarily stayed a banker’s lifetime ban from the industry and a $125,000 fine while he appeals a ruling upholding his penalty.

Justice Brett Kavanaugh on Thursday put the Federal Deposit Insurance Corp.’s lifetime ban on Harry Calcutt III on hold while the Michigan banker prepares an appeal of a June decision by the U.S. Court of Appeals for the Fourth Circuit in his case. Calcutt is accused of engaging in improper lending practices that cost his small bank $6 million.

If the Supreme Court doesn’t elect to take Calcutt’s case, the stay will terminate automatically, Kavanaugh’s order ...